Focusrite’s trading update is reassuringly in-line and underpins our expectation that earnings should recover as volumes return. Revenue (12 months to Feb-26) was slightly behind our prior forecast at c£164m (Prior Cav: £165.6m), but pricing to offset tariff hikes and cost discipline meant EBITDA (Adj.) is in line, implying a better margin than we previously forecast. Better working capital, helped by lower inventory levels in the US, meant an improved net debt position. We align our FY26E forec ....
